#81 Andrew Hollingworth on 1929

The 1929 stock market crash serves as a cautionary tale regarding human psychology, greed, and the systemic dangers of unchecked leverage. Unlike academic economic accounts, the book *1929* by Andrew Ross Sorkin highlights the hubris of politicians, bankers, and the public, illustrating how even the most sophisticated investors fell victim to get-rich-quick schemes. The lack of modern regulatory safeguards, such as deposit insurance and a robust Federal Reserve, transformed a market correction into a generational depression. Andrew Hollingworth, founder of Holland Advisors, draws parallels between this historical period and modern financial cycles, advocating for an investment strategy centered on businesses with powerful, sustainable competitive advantages and exceptional owner-managers. By focusing on long-term compounding rather than market timing, investors can navigate the inevitable volatility that defines both historical and contemporary financial landscapes.